【名称及出版时间】：中信证券-水务行业2009年四季度投资策略：水价上涨，谁能分羹-091105
【来源】：中信证券
【文件格式】：PDF
【页数】：22
【内容提要】：

目录
行业经营数据跟踪分析.........................................................................................................................................
供水2 水价上涨，亏损面收窄，但行业整体仍然亏损........................................................................… .......1
污水处理z 收入高增速放缓，但毛利率回升，行业开始扭亏"…"…"…"…"…"…"…"…"…"…"…"…"…......2
行业供需分析.........................................................................................................................................................
行业盈利模式2 成本+合理利润率..................................................................................… ...............................2
我国城市供水行业未来供需稳定"…"…"…"…"…"…"…"…"…"…"…"…"…"…"…"…"…"…"…"…"…"…"…… 3
我国污水处理行业快速发展..............................................................................................................................4
我国水务行业改革方向….........................................................................................................................................5
水价改革-政策驱动行业发展…………………..........................................................................................5
提高管理水平和寻求外延扩张是水务企业的发展方向.................................................................................8
估值与投资评级z 中性......................….......…........…........…..................................................................................11
投资策略g 区分水价上涨环节，辨明受益公司....................................................................................................13
风险提示...................................................................................................................................................................14